GE Capital Chief to Retire After Pivoting GE's Finance Arm

General Electric Co. on Tuesday said Keith S. Sherin, chief executive of its financial services unit GE Capital, will retire at the end of the year, capping a 35 year career at the industrial conglomerate.

Richard A. Laxer, the head of GE Capital's international operations, will succeed Mr. Sherin as CEO, effective Sept. 1. Mr. Sherin, also GE Capital's chairman, will retire at the end of December.

Mr. Sherin, 57, has led GE's lending arm as it transitioned to a smaller footprint. GE Capital in June became the first big financial institution to shed stricter post-financial-crisis rules by dramatically shrinking its business. Mr. Sherin has said regulator's decision to remove GE's designation as a "systemically important" financial institution was a result of the transformation of GE Capital into a "smaller, safer financial-services company."

Mr. Laxer, 55, started out in GE's financial management program in 1984 and has held several leadership positions. He has led GE Capital's international operations since 2009.

The company said GE Capital will operate under three segments: GE Capital Aviation Services, GE Energy Financial Services and GE Industrial Finance.

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(END) Dow Jones Newswires

August 30, 2016 10:15 ET (14:15 GMT)

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